KUALA LUMPUR (June 9): Pentamaster Corp Bhd has acquired the remaining 40% shareholding in its subsidiary Pentamaster Instrumentation Sdn Bhd (PISB) for RM6 million or RM50 per share.
With the acquisition, PISB, a manufacturer of automated testing equipment and test and measurement systems for the electrical and electronics industry, has become a wholly-owned subsidiary of Pentamaster.
In a filing with Bursa Malaysia today, Pentamaster said the acquisition will allow it to consolidate the full earnings of PISB and with greater control on its future business direction in line with the overall group strategy.
The stake, representing 120,000 shares in PISB, was purchased from PISB director Moey Huey Chyan (15%), Kang Soo Huah (15%) and Teoh Siow Khiang (10%) at RM50 apiece using internal funds, it added.
“As PISB is currently a profitable company, the parties agreed at the price of RM50 per share taking into consideration the current net asset value (NAV) and its earnings contribution going forward,” said Pentamaster
PISB’s net asset value (NAV) stood at RM33.15 per share based on its audited financial statements as at Dec 31 2016 and RM41.12 per share based on the unaudited management accounts as at March 31, 2017.
Pentamaster shares closed one sen or 0.26% lower at RM3.79 today, with 289,600 shares done, giving it a market capitalisation of RM551.09 million.
Sourced from : TheEdgeMarkets.com